A stdp switch will short it out. hook up the negative power wire (motor power) from ESC to common, and the NC lead to the motor negative, then the NO goes to positive motor and ESC motor power terminals. When the switch is not hit, current flows through the switch NC to common. When the switch is activated, current only flows from common to the NO lead, which leads back to the motor and causes drag brake.
Here is a pic, but he used positive through the switch instead of negative. I hear it causes more arcing from the motor inductance, but don't have proof or theory to back the claim up. A skid loader mechanic told me to use negative side on the switch.
http://www.rccrawler.com/forum/showp...87&postcount=9